Global investment firm KKR said on Friday that its European industrial and logistics platform known as Mirastar has agreed to sell three logistics assets in the Netherlands to Prologis for an undisclosed amount.
The portfolio covers around 127,000 m2 of lettable floor area, with space let to five tenants. KKR’s original investment in this portfolio was made in 2020 through its second flagship European real estate fund, Real Estate Partners Europe II (REPE II).
The portfolio is located across the three prime Dutch logistics locations of Bleiswijk, Schiphol and Roosendaal. The Bleiswijk asset is located in the center of the Randstad region, the Schiphol asset is located close to Schiphol Airport with direct connection to the A4 highway, and the Roosendaal asset is located in the high-demand area for logistics in the South-West of the Netherlands that is well connected via the A58 highway and the Netherlands’ main ports.
KKR and Mirastar developed the three newly built logistics assets between 2021 and 2022 according to state-of-the-art specifications, with strong environmental credentials that have resulted in BREEAM ratings of Excellent and Very Good.
Ekaterina Avdonina, CEO and co- founder at Mirastar, said: ‘Since launching our first JV with KKR over two years ago, we have assembled a portfolio of high-quality development projects and standing assets across Europe. These assets are situated in established logistics locations and are meeting the high demand for space including excellent ESG credentials. The sale of the Tristar portfolio is the first one since the launch of the JV and we look forward to working with KKR on continuing to assemble high quality developments and standing assets.’
Anthony Butler, CIO and co-founder at Mirastar, said: ‘We were fortunate to execute the business plans for these assets in a short timeframe supported by strong demand for well-located industrial and logistic assets. The portfolio’s unique locations, designs as well as a tenant mix make this an attractive investment. We look forward to expanding our platform with KKR.’
Diederik Schol, principal in KKR’s European Real Estate team, added: ‘We are excited Prologis has recognized the quality of these logistics assets, with excellent environmental credentials and state of the art specifications in prime Dutch logistics locations. The Netherlands continues to be a key market for us across both our Core Plus and Value-Add strategies and we continue to actively seek investment opportunities, particularly in the industrial and residential sectors.’
In January 2022, KKR announced that Mirastar agreed to acquire a portfolio of four freehold logistics assets for approximately €70.5 mln. The portfolio, which covers around 45,000 m2 of lettable floor area, is located in Eindhoven and Wijchen.
This transaction was KKR’s first via its pan-European Core Plus Real Estate strategy, which focuses on investing in high quality, substantially stabilized assets with long-term value growth potential.
Savills and CBRE advised on the deal.
